China's consumer market is poised for a steady first-quarter expansion, driven by a surge in spending during the Spring Festival holiday, according to the Chinese Commerce Ministry. Data reveals a 4.1% year-on-year increase in retail and catering revenues, signaling renewed economic momentum as domestic demand strengthens.
He Yongqian, a ministry spokesperson, highlighted record-breaking tourism activity with 500 million domestic trips and 7% growth in travel spending (totaling $93.1 billion). The holiday period also saw all-time high box office earnings of $1.31 billion, reflecting shifting consumer priorities toward leisure and entertainment.
Key growth drivers included:
- Home appliances & electronics sales up over 10%
- Catering revenue rising 6.2%
- Notable recovery in mid-to-high-end consumer goods
Analysts suggest the rebound signals rising business confidence in the Chinese mainland's consumer sector, with implications for global markets. The ministry emphasized ongoing support for innovative retail models to sustain growth amid global economic uncertainties.
Reference(s):
Official: China's consumer market on track for steady Q1 growth
cgtn.com
